Shandong Weigao Group Medical Polymer Co. agreed to buy closely held Argon Medical Devices Inc. for $850 million, continuing a string of deals by Chinese companies seeking to gain a foothold in the U.S. ...

China's Shandong Weigao Group Medical Polymer Co Ltd has agreed to acquire US-based and unlisted Argon Medical Devices Holdings Inc for $850 million, as part of its overseas expansion drive. Weigao Group, mainly engaged in the production and sale of medical devices, orthopaedic and blood purification products, has been seeking opportunities to bolster its product portfolio, the company said in a filing to the Hong Kong Stock Exchange. The company has also been looking to diversify its revenue stream to increase the contribution of sales from overseas markets, and expects "significant growth opportunities" for Argon Medical's products in China.